Hammerson has exchanged contracts to buy a 50% interest in a French company which owns an 11,000 sq m (118,407 sq ft) Paris mixed-use building.
The UK quoted property company paid French insurance company MAAF Assurances £13.4m for SCI Opera Capucines. The company owns an 11,000 sq m building in a prime Paris location with frontages on to place de l’Opera, boulevard des Capucines and rue du Quatre Septembre in the second arrondissement. The property is expected to produce £1.2m income this year.
With MAAF, Hammerson proposes to redevelop the buildings behind the existing facade to create approximately 3,500 sq m (37,675 sq ft) of retail on three levels and some 4,000 sq m (43,057 sq ft) of office accommodation on five levels. The plans also incorporate 3,000 sq m (32,293 sq ft) of flats and 55 parking spaces. Redevelopment is scheduled to start in 2004.
Hammerson chief executive John Richards said: “The proposed building is in a first-class location both for shopping and offices where our research shows continuing strong occupier demand. We are delighted to have been selected by MAAF to work with them in this exciting joint venture.”
EGi News 19/04/01
